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FICO vs. FAKO – Share your FAKO stories

New Member

Re: FICO vs. FAKO – Share your FAKO stories

I got so excited seeing most of your FAKOs lower than your FICOs. Then I ordered an account here and checked my own -- womp womp.

 

FICO: EQ 629, TU 544, EX 619

 

CreditKarma FAKO: EQ 637, TU 643

 

99 point difference on Transunion!!! Ugh Smiley Surprised

EQ 635 / TU 611 / EX 621
New Member

Re: FICO vs. FAKO – Share your FAKO stories

Applied for AmEx BCP - FICO Experian 754

 

Applied for a mortgage pre-approval with QL shortly after my AmEx with (not my smartest move) and the loan banker quickly read off all my three scores on the phone. I cannot recall the exact scores, but I remember specifically that TU was the lowest in the 600s - I think 688; the other two scores were in the 700s but pretty different - maybe 745 and 715. 

 

FAKOs:

  • Mint - 740
  • BoA app - 745
  • Credit Karma 'calculated use VantageScore 3.0' TU 745 Equifax 750
  • Synchrony Care Credit  745 - based on TU

It was very surprising that most of the FAKO apps say they use TU data but my actual TU score was >50 points lower. I will update if my FAKO scores are drastically lower after my new BCE appears in my history, as this may be a potential explanation. Hope this helps!

 

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New Member

Re: FICO vs. FAKO – Share your FAKO stories


Katnap wrote:

I got so excited seeing most of your FAKOs lower than your FICOs. Then I ordered an account here and checked my own -- womp womp.

 

FICO: EQ 629, TU 544, EX 619

 

CreditKarma FAKO: EQ 637, TU 643

 

99 point difference on Transunion!!! Ugh Smiley Surprised


I was in the same boat last week, very surprised that my actual TU was much lower than expected!

New Member

Re: FICO vs. FAKO – Share your FAKO stories

i'm devestated im in the middle of building credit ,just opened two credit cards $800 limit used 10 percent and a installment loan , credit karma says good job and my score increased on Transunion to a 605 , 5 days later it decreased to 470 no other changes im pissed and completely cluesless why the drastic change when im doing what im suppose to do to rebuild credit.HELP in advice are answers why?

Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories

Credit Karma is a useless score that means nothing. TransUnion was sued and fined millions of dollars this year for telling people Vantage Scores are useful.

Use FICO Scores if you want your useful score. CreditScoreCard.com offers a free monthly fico score.
FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Established Contributor

Re: FICO vs. FAKO – Share your FAKO stories


shaymac41 wrote:

i'm devestated im in the middle of building credit ,just opened two credit cards $800 limit used 10 percent and a installment loan , credit karma says good job and my score increased on Transunion to a 605 , 5 days later it decreased to 470 no other changes im pissed and completely cluesless why the drastic change when im doing what im suppose to do to rebuild credit.HELP in advice are answers why?


Credit Karma is not helpful when it comes to legit scores. I know I felt the same way about my scores until I found this board. I would order your scores, you can get them through here or for $1 through creditscore.com. Credit Karma uses vantage scores I believe, so completely different. 






New Visitor

Re: FICO vs. FAKO – Share your FAKO stories

Fako scores should be illegal/scam. No one uses them. My real scores are much higher.
Contributor

Re: FICO vs. FAKO – Share your FAKO stories


TT123 wrote:
Fako scores should be illegal/scam. No one uses them. My real scores are much higher.

Vantage Scores are being used increasingly more each year by lenders.  It's relatively new, however financial institutions are using it more each year, and there is a sort of rivalry going on between the Vantage Scoring model and FICO.  Hence it makes a lot of sense to monitor all your scores and each model (Even within FICO modeling, there are many different scoring models you want to monitor).

Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories

Name ONE lender who uses Vantage for credit worthiness.

Better yet, link to ONE denial letter image that states Vantage.

You can't because it doesn't exist because no lender uses Vantage for creditworthiness.
FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Contributor

Re: FICO vs. FAKO – Share your FAKO stories


ABCD2199 wrote:
Name ONE lender who uses Vantage for credit worthiness.


VantageScore is used by any lender that works with the Fitch Ratings credit rating agency. In addition to this, Standard & Poor’s also accept their clients’ VantageScore-based portfolios.